Want To Credit Suicide… Miss a Mortgage Payment!

When you miss a mortgage payment you have virtually assured the bank that you really do not care about your home. So they will automatically flag your account as being potentially poor. When another creditor inquires about your mortgage history, the first thing that goes through their mind is “How can I give these folks credit based on the fact they cannot even make their house payment on time. Do NOT miss a mortgage payment.

Two things come to mind here. Some of you remember when you were a kid your mom telling you “if you do not have enough money, send everybody a little bit”. Good advice then, but not so good now. Mortgage companies don't really want to share if you get my gist. Here is some advice that might help if you do have this problem.

Ninety-seven percent of the population depends on a weekly or bi-weekly paycheck to make ends meet. That's why we are trying to buy a home with no money down. So what happens when you lose four or five days of work due to illness? Does your boss pay you anyway? I seriously doubt it. No work equals no check in most industries.

So what do we do now that we are going to be short the pay for those days? Guess what? If you send the mortgage company a partial payment that would not sit too well. So what is the answer? The utility companies do not report to the credit bureaus (unless they have to send your account to collections). So if you find yourself short of funds, call the electric, phone and cable companies and let them know you are going to be short of funds.

Most utilities will gladly spread your payment over the next three payments. They will work with you. Now you probably have enough money to pay the mortgage. Most predatory lenders count on your missing a payment. Do not make them right.

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